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Customer Service Stats You Need to Know for 2020

Customer service can make or break your business. The year may be winding down, but your customer service efforts should be ramping up. The end of the year is one of the busiest times for many businesses. Companies that provide the highest level of customer service will set themselves up for success in 2020, while businesses that neglect customer service will fail. Here are 6 important stats about the importance of customer service to put things in perspective.

The Impact of Bad Customer Service

50% of Americans have decided not to make a planned purchase because they received bad service, according to a 2017 study by American Express.
This impressive statistic shows the impact bad customer service can have on your revenue. Customers who planned to purchase something may not follow through if the service is poor. This translates to lost revenue and customer lifetime value for your business.

$62 billion is lost by U.S. companies because of bad customer service, according to research from NewVoiceMedia.
The amount of money lost to bad customer service is sobering. Consumers are ready to buy, and they have money to spend, but businesses miss out when they do not provide quality service. If you need to improve revenue, take a hard look at your customer service practices.

One bad experience with a customer is enough to turn 51% of customers away from your business forever, according to NewVoiceMedia.
You have to provide the best customer service you can with every interaction. Customers take poor customer service seriously. One bad interaction is enough to lose a customer’s business and send them to your competition.

The Impact of Good Customer Service

7 out of 10 customers will spend more money if a company provides awesome service, according to American Express.
Customers love to do business with companies that take care of them. In fact, they may spend more money with you if you provide quality customer service. The impact of good customer service can bring in significant revenue for your business.

Improving your customer experience slightly can generate $823 million over three years, the Temkin Group reports.
This statistic is for companies with $1 billion in annual revenue, but it shows the power of quality customer service. Taking the necessary steps to improve your customer service experience can greatly impact your revenue for years to come.

Consistent customer service keeps 69% of consumers coming back, according to Forrester.
Customers in the U.S. do business with companies that provide quality customer service. This includes both online and offline service. Offering the best experience is one proven way to retain customers and build customer loyalty.

Plan for 2020

Now is the best time to plan for your customer service efforts in 2020. Take all of the powerful data compiled recently and leverage it for your business. Meet with your team to brainstorm ways that you can improve your customer service experience in the new year. Putting these solutions into practice early on will lay the groundwork for increased revenue, customer retention, and customer loyalty in 2020.

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